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End Of Year Reviews Might Be Your Time To Ask For A Promotion If You’re Able To…

As the new year approaches, many individuals may be looking at their current positions with a discerning eye. Performance reviews and contract periods may be Sometimes, employers may make a call regarding the promotion of specific staff based on their performance.

In some cases, an individual may request a promotion (during a performance review or when re-signing a contract for their role for example). Doing so is often one of the most anxiety-inducing things that a person has to do as an employee.

The following steps may aid in reducing that anxiety around requesting a promotion.

Do Your Homework

When you ask for a promotion, you should come prepared with specifics that support you. Write down what you have contributed to the business so far and what you can bring to the table in the future. Discuss specific projects and what you contributed to them rather than general points about what your strong skills are. Next, identify what the specific position you want is and how your skills match the requirements of the role. Are there limitations or requirements that you lack? How could you address these?

Plan The Timing

Although there is no perfect timing to ask for a promotion, the most ideal time is probably during your annual or biannual reviews. This is a built-in opportunity for you and your manager to discuss how your career is going and your manager is more likely to be open to a discussion about your promotion. Also, consider what type of opportunities are currently available in the company and how you will be fitting in, including if there are any company changes that will be taking place and how you can fit into those new changes.

Request The Meeting Yourself

If you do decide to ask for a promotion then plan ahead before you discuss anything with your manager. Send an email that makes the agenda of your meeting clear. Giving notice will give the manager the opportunity to reflect on your work and what the company is able to offer you.

Know The Numbers

Before you being negotiating, make sure you have conducted the research and know what you are worth both within the company and in the industry. Once negotiations begin, remember that it doesn’t hurt to ask for more rather than less.

Follow Up

If you receive the promotion, fantastic! But if you don’t, then it’s best not to stress about it – just make sure that the conversation isn’t over. Ask about when might be a better time or what the opportunities are that may be available down the line. Listen to why they said no and aim to improve on those qualities.

If you’re someone who often finds it difficult to make large lump sum payments for goods or services, you may want to consider looking into “Buy Now Pay Later” services.

Buy now pay later essentially means that, rather than paying in a full lump sum payment for a product or services rendered, there may be an option to pay through instalments of a certain amount over a set period to make the sum of the full amount in total. This method should allow you to pay in full for the product or service without overly straining your finances – you pay back what you can, as agreed upon when you begin the buy now pay later service.

Some popular buy now pay later services include Afterpay, Zip Pay, Brightepay, and some credit card networks such as  Mastercard and Visa, can offer buy now pay later arrangements.

Though it can be a convenient, immediate solution, it may be challenging to juggle the necessary repayments with other financial commitments. It’s not always the most appropriate method for people, and you should bear in mind your situation and ability in paying back the amounts. 

Before you sign up, keep in mind: 

  • It becomes easier to overspend with buy now pay later services, so know your limits on what you can and can’t afford.
  • You will be charged fees and costs to use the service, which can add up to a princely sum in and of itself.
  • Keeping track of your payments can be tricky if you’ve signed up for multiple services.
  • It could affect your loan applications for a car or mortgage as lenders consider buy now pay later spending just as much as your credit score.
  • Late repayments can appear on your credit report, which affects your ability to borrow money in the future.
  • Layby can be a cheaper alternative to buy now pay later, with no account-keeping or late fees to consider

If you are someone who could make use of BNPL services, you may wish to:

  • Ensure that when using the BNPL service, you stick to a set limit on what you spend so that you can comfortably pay it back later. 
  • Aim only to have one BNPL account at a time to manage payments through, rather than confuse yourself with multiple payments across different providers.
  • Always budget for bills, loan payments and BNPL payments, and 
  • Rather than use your credit card for payments to your BNPL account, consider linking to your debit account instead.

If you would like assistance in planning your financial future, help in managing your budget or some friendly advice, see us for a chat about what we can do for you.

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John Briggs

Jane Noller has been my accountant for the last 15 plus years. I can testify to Jane’s professionalism and expeditious manner in dealing with the day to day issues that surrounds our business accounting.

John Briggs

Registered Building Certifier